PSI Practice exam NJ EXAM NEWEST, 2024/ 2025, ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A
C: switching the policy from on insured to another ......answer.....all of the
following are ownership rights EXCEPT:
A: changing the beneficiary of the policy
B: borrowing funds against cash value
C: switching the policy from on insured to another
D: assigning all of the rights of the policy to another person
C: plan does not meet federal guidelines for tax benefits ......answer.....which of
the following is characteristic of a non qualified plan:
A: defined vesting schedule
B: plan established by the employer
C: plan does not meet federal guidelines for tax benefits
D: employer contributions are deductible business expense
A: a warranty is guaranteed to be true, a representation is believed to be true to
the best of one's knowledge ......answer.....How do warranties differ from
representations?
A: a warranty is guaranteed to be true, a representation is believed to be true to
the best of one's knowledge
,B: a representation is guaranteed to be true, a warranty is believed to be true to
the best of one's knowledge
C: a warranty is issued by the insurer, a representation is a statement provided
by the applicant
D: an incorrect representation automatically voids a contract, whereas an
incorrect warranty must be proven
B: recording method ......answer.....in which of the following must a beneficiary
change request be filed in writing to the insurer and is made effective by the
insurance company:
A: designation option
B: recording method
C: endorsement method
D: succession of beneficiaries
C: the minor in a juvenile policy ......answer.....all of the following are required
signature on a life insurance application EXCEPT:
A: the agent
B: the applicant
C: the minor in a juvenile policy
D: the proposed insured
, D: the beneficiary may encumber the proceeds ......answer.....all of the following
are features of the spendthrift clause EXCEPT:
A: proceeds are paid in some other way than a single premium
B: proceeds are protected by the insurer from the beneficiary's creditors
C: transfer of proceeds to creditors
D: the beneficiary may encumber the proceeds
D: variable ......answer.....Which type of annuity attempts to offset inflation by
providing a benefit linked to an underlying investment account:
A: deferred
B: fixed
C: immediate
D: variable
A: the proceeds are divided equally among living primary beneficiaries
......answer.....how does the per capita rule apply to proceeds from a life insurance
policy:
A: the proceeds are divided equally among living primary beneficiaries
B: the secondary beneficiary receives the proceeds if the primary beneficiary is
no longer living
C: the proceeds go to the policyholder's estate when no beneficiary is living
D: the proceeds go to the descendants of the primary beneficiaries
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A
C: switching the policy from on insured to another ......answer.....all of the
following are ownership rights EXCEPT:
A: changing the beneficiary of the policy
B: borrowing funds against cash value
C: switching the policy from on insured to another
D: assigning all of the rights of the policy to another person
C: plan does not meet federal guidelines for tax benefits ......answer.....which of
the following is characteristic of a non qualified plan:
A: defined vesting schedule
B: plan established by the employer
C: plan does not meet federal guidelines for tax benefits
D: employer contributions are deductible business expense
A: a warranty is guaranteed to be true, a representation is believed to be true to
the best of one's knowledge ......answer.....How do warranties differ from
representations?
A: a warranty is guaranteed to be true, a representation is believed to be true to
the best of one's knowledge
,B: a representation is guaranteed to be true, a warranty is believed to be true to
the best of one's knowledge
C: a warranty is issued by the insurer, a representation is a statement provided
by the applicant
D: an incorrect representation automatically voids a contract, whereas an
incorrect warranty must be proven
B: recording method ......answer.....in which of the following must a beneficiary
change request be filed in writing to the insurer and is made effective by the
insurance company:
A: designation option
B: recording method
C: endorsement method
D: succession of beneficiaries
C: the minor in a juvenile policy ......answer.....all of the following are required
signature on a life insurance application EXCEPT:
A: the agent
B: the applicant
C: the minor in a juvenile policy
D: the proposed insured
, D: the beneficiary may encumber the proceeds ......answer.....all of the following
are features of the spendthrift clause EXCEPT:
A: proceeds are paid in some other way than a single premium
B: proceeds are protected by the insurer from the beneficiary's creditors
C: transfer of proceeds to creditors
D: the beneficiary may encumber the proceeds
D: variable ......answer.....Which type of annuity attempts to offset inflation by
providing a benefit linked to an underlying investment account:
A: deferred
B: fixed
C: immediate
D: variable
A: the proceeds are divided equally among living primary beneficiaries
......answer.....how does the per capita rule apply to proceeds from a life insurance
policy:
A: the proceeds are divided equally among living primary beneficiaries
B: the secondary beneficiary receives the proceeds if the primary beneficiary is
no longer living
C: the proceeds go to the policyholder's estate when no beneficiary is living
D: the proceeds go to the descendants of the primary beneficiaries
